The paper presents a numerical simulation and analysis of the flow inside a poppet valve. First, the single phase (liquid) flow is investigated, and an original model is introduced for quantitatively describing the vortex flow. Since an atmospheric outlet pressure produces large negative absolute pressure regions, a two-phase (cavitating) flow analysis is also performed. Both pressure and density distributions inside the cavity are presented, and a comparison with the liquid flow results is performed It is found that if one defines the cavity radius such that up to this radius the pressure is no larger than the vaporization pressure, then both liquid and cavitating flow models predict the some cavity extent. The current effort is based on the application of the recently developed full cavitation model that utilizes the modified Rayleigh-Plesset equations for bubble dynamics.